Mobile wallets enable the users to securely store the financial as well as personal information in an organized manner on their smartphones. It allows the users to check the last transaction, verify the payment method, further enabling the customers to benefit from commerce related advantages such as coupons, vouchers or other offers. Instead of using plastic cards, you can easily make payments with the help of electronically handheld devices.
Instant Payments Via Mobile Wallets
Mobile wallets are very simple to use as you can download the mobile wallet app in your device, further adding information about your credit card and debit card. At the end, when you are making a purchase or a mobile recharge such as Videocon D2H recharge,you can choose the desired card and make payments. If you are making in store purchase, just hold your device at the terminal and the payment will be done automatically.
While you are using mobile wallet service, you need to check for the services beforehand to protect yourself from any fraud or scam. Make certain that your card number is not visible to the merchants while making payments. Some companies also offer disable service so that users can hinder the service when phone is lost or stolen.
There are various types of mobile wallets such as card containers, credential containers, digital bank accounts, true mobile wallets and mobile payment products. All these are some of the easy ways of making online payments easier and convenient.
Equipped with dynamic capabilities, card containers offer auto filling option to the merchants so that they can hold all the information on customer’s behalf. Digital bank accounts are generally used to make P2P payments via electronically held device. True mobile wallets are interactive and virtual forms of physical wallets that help the customers to select the specific payment type at the point of sale.
Some features that help you in making quick transactions via mobile wallets include:
- Provide location aware services:
With increasing number of retailers, service providers are offering leverage on mobile wallet services to target consumers. Generally, it is based on their proximity to physical retail store. This means, location based services can help the retailers to create a sense of urgency,thus it drives sales and builds brand awareness.
- Saves time:
Using a mobile wallet, you need not be physically present at the financial institution while making the transaction. This saves your time and provides utmost convenience to the customers while shopping.
- Other features:
Another benefit of using a mobile wallet is that you can get digital coupons or discounts via mobile apps. You can get easier refunds and charge backs while using these wallets. These are considered cheaper transactions for the customers as well as the merchants when compared to other traditional methods of transferring funds.
Apart from this, mobile wallet extends your banking facilities to your phone and also enables payments at POS terminals. Mobile wallet supports various channels for access,including IVR, SMS and NFC. It acts as a personal finance manager on your phone and is thus regarded as the fastest way to make quick payments.